Last week, an altcoin, Axie Infinity’s AXS token, had risen impressively, hitting an all-time high of $19.60. Small Love Poiton (SLP), a token issued as a reward to users through gaming in the Axie Infinity (AXS) ecosystem, also debuted with triple-digit earnings.
An altcoin in the AXS ecosystem, which made ATH last week, is bullish
Cryptocoin. com, AXS reached its all-time high (ATH) last week. SLP, a token in this ecosystem, has also been on the rise. SLP price rose more than 100% to $0.28 from $0.127 on July 1 as Axie boosted its revenue. On the other hand, the Axie Infinity ecosystem has reached new heights. Altcoin’s one-year return is 826 percent.
New users flock to Axie
According to experts, the success of SLP is largely due to the significant increase in the new users metric and the overall growth and adoption of Axie Infinity since the protocol was migrated to the Ronin side-chain of the ETH network in early May. A recent report from Delphi Digital highlighted that interest in the Axie ecosystem “has grown incrementally since the launch of the Ronin.” As new users enter the ecosystem, they need more Axies to get involved in the game, resulting in increased demand for SLP as it is necessary in the process of producing Axies.
The surge in interest, as evidenced by the increase in the number of daily active users, unique Axie owners, and Discord members, has sparked a new stream of users over the past two months.
As a result of the growth of the ecosystem since the beginning of May, daily sales volume on Axie has recently exceeded $25 million, with more than 50,000 NFTs sold per day. As a result of the growth seen in revenue from the Axie Infinity ecosystem, over the past week the protocol has generated more revenue than all other crypto apps combined.